ADX ENERGY LTD — AGM Information 2007

Nov 22, 2007

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AuDAX Resources Ltd Annual General Meeting

Oil and Gas Technical Presentation Friday 23 November 2007

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Highlights: Domestic

Cooper-Eromanga Basin PEL 182

• Vanessa-1: ~15Bcf Permian gas discovery

� Jasmine-1 stratigraphic oil test due to spud end November 2007

• Farmout Offer: confidential agreement with

• Enterprise Oil & Gas subject to pre-emptive rights under JOA to be exercised by 28 November 2007.

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Highlights: International

• Acquisition of Alpine Oil & Gas Pty Ltd.

• Negotiating 50% equity & operatorship in new permit in Tunisia.

• 25% equity & operatorship of Joint Study and Bidding agreement on Tunisia

• 33.3% free carried interest in A$1.6MM (gross) Joint Study & Bidding Agreement (JSBA) on Romania fully funded by Nexus and Orion

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Domestic: Cooper-Eromanga Basin PEL 182

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Cooper Eromanga Basin PEL 182

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• Permit award January 2006

• 11 well commitment in first 3 years (5 wells in first permit year)

Due to rig shortage, flooding and logistic issues, first permit year anniversary extended to 23 Nov 2007

• 3 wells drilled so far, resulting in:

• Vanessa-1: Permian gas discovery

• � Emily-1: recovered 1.3bbls oil on test � Sarahlyn-1: P & A with minor shows

� Jasmine-1 Permian stratigraphic oil test due to spud end November 2007

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AuDAX drilling results

• 3 AuDAX wells: � Emily-1: � Sarahlyn-1 � Vanessa-1

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• Permian Toolachee and Patchawarra Fm coals and shales are the main hydrocarbon source rocks for Permian, Triassic and Jurassic reservoirs

• � Migration into Jurassic reservoirs is facilitated by direct access to the underlying Permian source rocks

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Vanessa ST1

Vanessa ST1 cased and suspended new Permian Gas Discovery

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Flaring Vanessa-1 Gas Discovery

• Vanessa-1 logged to coal bridge obstruction in the uppermost Patchawarra Fm

• Three open hole DSTs above Patchawarra coal bridge:

• DST1A: Epsilon Sand 2,977-2,980m: 5.1MMscfd on 0.5” choke at 800psi FP

• � DST1B: Epsilon Sand 2,960-2,963m: no flow: tool potentially plugged

• DST1C : Toolachee Sand 2,9292,932m: 3.9MMscfd on 0.5” choke at 525psi FP

• No DST’s run over gas shows in deeper Patchawarra Fm due to coal obstruction

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Vanessa-1 test results

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DST1C: Toolachee Sand 2929-2932m:
3.9MMscfd on 0.5” choke at 525psi FP
DST1C
DST1B: Epsilon Sand 2960-2963m:
DST1B
no flow: tool potentially plugged
DST1A: Epsilon Sand 2977-2980m:
5.1MMscfd on 0.5” choke at 800psi FP DST1A
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Vanessa-1 & Vanessa-ST1

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• Vanessa ST-1 successfully drilled to 3,157m

• Logs show potential gas pay also in Patchawarra Fm

• 7” production casing run

• Based on pre-drill mapping: resource potential ~15Bcf

• Options include bringing in workover rig for production testing

• G & G studies and marketing studies under way to determine commercial viability

• Attractive SE and NW Vanessa prospects in immediate vicinity

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Jasmine-1 Proposed Location

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Geological Cross Section

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Current Permit Activity

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SE & NE
Area: 861 km
reprocessing
Birkhead / Hutton
Western Strat
leads area: 72 km
Leads Area: 289
reprocessing
km reprocessing
completed
JASMINE-1
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� Key goal for JV:

• Mature new prospect and lead inventory

• Subsequent seismic acquisition and

• concerted “string-of-pearls” drilling campaign in late 2008/2009.

• Objective being met by:

• 1,222 km Seismic Reprocessing

• (completed October 2007)

• Western Strat Prospects Seismic

• inversion Project (completed October 2007)

• G & G seismic remapping project in

• progress (due for completion January 2008)

• Permit work programme commitment variation approved by PIRSA (14 November 2007): substitution of 5[th] well for 300sq km 3D seismic

• Preparing location for Jasmine-1

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International: Alpine Oil & Gas Acquisition

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Alpine Oil & Gas Acquisition Deal:

� Acquire Alpine Oil & Gas Pty Ltd. for 16 million AuDAX ordinary fully paid shares

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Current Alpine Assets

• 33.3% free carried interest in A$1.6 million Joint Study & Bidding Agreement (JSBA) on Romania fully funded by Nexus and Orion

• 25% participating interest in JSBA with Orion (Kairiki) on Tunisia

• Fully operational office and team with deep knowledge of both JSBA areas headed by Dr Wolfgang Zimmer in Vienna

• Alpine is the Operator of both JSBA’s

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Romania JSBA: Areas of Interest

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Transylvani � Oil seeps excavated since Roman
a Basin
times with drilling commencing in
Eastern 1861
Pannonian
Basin
E. Carpathian � > 15 billion bbl in >895 fields
Foredeep
discovered to date with production
peaking in 1976.
Romania Black � Largest field: 869 MMBOE
Sea
� Mean field size: 20 MMBOE
S. Carpathian � Four main producing areas:
Foredeep & Moesian
Platform •
Southern Carpathian Foredeep &
Moesian Platform
•
Eastern Carpathian Foredeep
•
Transylvanian Basin (mostly gas)
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• Eastern Pannonian Basin

Note: Carpathian Nappes and Foredeep along with the Moesian Platform are sometimes collectively referred to as the Carpathian-Balkanian Basin

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Romania Value Creation Strategy

Alpine has created a unique set of opportunities

Key triggers are:

� OMV has a 51% equity in Petrom, Romania’s largest oil and gas company with an average daily production of 200,000 BOEPD.

• Petrom will be required by the Romanian government to relinquish over

• 50% of its exploration acreage and some of its production holdings in the next few months.

• This acreage holding covers over 70% of the key prospective basins of

• Romania.

• 50% of the exploration acreage (= 22,000 sqkm) is required for

• relinquishment in 2008.

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Tunisia JSBA: Areas of Interest

Tellian Atlas hc province Pelagian Basin hc province Ghadames Basin hc province

Tunisia: key producing areas and Landsat image map Source: Google Earth � Tunisia offers infrastructure, stability, and both mature and relatively unexplored basins with considerable upside for small and medium size hydrocarbon accumulations. � At present >50 international and Tunisian petroleum companies are actively exploring ~80 permits � Three major hydrocarbon provinces �Ghadames Basin (largest field El Borma: 750MMbbl) �Pelagian Basin (largest field Ashtart: 350MMbbl) �Tellian Atlas fold belt � At least 5 petroleum systems ranging in age from Silurian (Ghadames Basin) to Eocene (Pelagian Basin)

• Tunisia offers infrastructure, stability, and both mature and relatively unexplored basins with considerable upside for small and medium size hydrocarbon accumulations.

• Three major hydrocarbon provinces: � Ghadames Basin (largest field El Borma: 750MMbbl)

• At least 5 petroleum systems ranging in age from Silurian (Ghadames Basin) to Eocene (Pelagian Basin)

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Source: ETAP 2006

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Tunisia: Conclusions

� Alpine has considerable experience and strategic networks in Tunisia

� Alpine is currently assessing not only exploration opportunities but also potential Brownfields and Greenfields acquisitions

• Alpine has recently entered into a conditional agreement to

• acquire 50% equity in a new permit in Tunisia.

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Technical Justification

The technical justification is to acquire Alpine Oil & Gas Pty Ltd �

• Offers potential value creation for expansion beyond Cooper Basin asset area using strategic alliances to develop core exploration and production bases in two new areas: Romania and Tunisia

• Romania and Tunisia provide the following:

• Excellent exploration upside as the key driver to success

• Focus & longevity

• Greenfields production opportunities and under-performing Brownfields for incremental reserve enhancement also available

• Reasonable fiscal regimes and political stability

• Infrastructure and ready markets with excellent pricing for gas

• In the event that Alpine /AuDAX successfully acquire assets, additional funds will be required to mature specific opportunities, identified by the JSBA’s

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ALPINE OIL & GAS

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ROMANIA

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Status November 2007

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ALPINE OIL & GAS

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VIENNA
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ALPINE OIL & GAS EXTENSIVE HYDROCARBON SYSTEM
London
Vienna
Bucharest
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VIENNA – BUCHAREST: 870 km

ALPINE OIL & GAS EXTENSIVE HYDROCARBON SYSTEM

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Vienna Basin
Molasse Zone
Vienna Transylvania
Pannonian
Bucharest
Foredeep &
Subthrust - Subsalt
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SOURCE: AAPG Memoir 84

ALPINE OIL & GAS EXTENSIVE HYDROCARBON SYSTEM

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Vienna Basin
Molasse Zone
Vienna Transylvania
PANNONIAN
Bucharest
Foredeep & Subthrust -
Subsalt
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ALPINE EXPERIENCE

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SOURCE: AAPG Memoir 84
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ALPINE OIL & GAS

ROMANIA

� LEGAL AND COMMERCIAL SECURITY:

• �Joined European Community January 2007.

• �Ex – Communist Eastern European state now with legal and commercial framework of European Union.

• �European Commission will ensure and enforce open and competitive environment.

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ROMANIA E&P

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ALPINE OIL & GAS

� STRONG INCENTIVE TO INCREASE DOMESTIC E&P ACTIVITY

�Largest oil & gas producer in SE Europe: 114,000 bbls/day, 424 bcf / year

• �Oil Consumption: ca. 240,000 bbls/day : Supply mainly from Russia

• �Gas Consumption: 644 bcf and strongly increasing.

• �Excellent pipeline and compression infrastructure with extension and renewal projects underway (40 psia low pressure grids).

� US$ 7 /Mscf wellhead price � NPV(10) / bcf = 2 - 3 million US$ �Large refining capacity: 517,000 bbls/day, 10 refineries of a total of 11 in region.

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ALPINE OIL & GAS
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ROMANIA PRODUCTION

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End of Communist
Regime
First License Bidding
Round
End of Communist
Regime
First License Bidding
Round
OIL PRODUCTION
GAS PRODUCTION
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ALPINE OIL & GAS

ROMANIA PROVEN RESERVES

� PROVEN (P1) REMAINING RESOURCES BASE:

�Remaining proven oil reserves: ca. 1 billion barrels

• �Remaining proven gas reserves: ca. 3.6 Tcf

• �Total Remaining ca. 1.5 billion boe.

• �Ca. 900 mmboe owned by PETROM (1P reserves)

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ALPINE OIL & GAS

YET TO FIND USGS

Onshore

EXCLUDES PANNONIAN & TRANSYLVANIAN BASIN AND OFFSHORE !

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ALPINE OIL & GAS

YET TO FIND USGS

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EXCLUDES PANNONIAN & TRANSYLVANIAN BASIN AND OFFSHORE !

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ALPINE OIL & GAS CURRENT LICENSES & PLAYERS
Petrom: 67, 202 sqkm
Romgaz: 37, 587 sqkm
Romgaz – Wintershall
Rompetrol: 9,840 sqkm
Core Area
Petrom Core Area (new 3D)
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ALPINE OIL & GAS

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PETROM RELINQUISHMENT

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UKRAINE
HUNGARY
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Likely Petrom Relinquishment Areas ( ca. 20,000 km[2 ] )

Exploration Bidding Blocks (7[th] round, bid by 24 January 2008)

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ALPINE OIL & GAS

FIELDS & OPPORTUNITIES

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Salacea (Bid
Round)
Abramut
14 mmbls (2P) Roman Fields
70 bcf (2P) Suplacu 1.5 Tcf Gas (2P)
130 mmbls oil (2P)
30 mmbls remaining
Chislaz & Siniob
(Bid Round)
Turnu
51 mmboe (2P)
Nadlac
Carpathian
(70ft oil-zone?)
Calacea
62 mmboe (2P)
Satchinez
50mmboe (2P) Bustenari-Runcu Boldesti
25 mmboe Varias (2P) 13 mmbls70 bcf (2P) Bustuchin (2P) Gura Ocnitei 240 mmboe (2P) 317 mmbls35 bcf (2P)(2P)
869 mmboe (2P)
Gradistea
Tomnatec
Romgaz
OMV-Farmout?
170 bcf (1P?)
(deeper target)
Predesti
OMV Appraisal
Samnic-Ghercesti Videle
400 bcf gas (2P) 300 mmboe (2P)
11 mmbbls oil (2P)
� GAS STORAGE
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Exploration Bidding Blocks (7[th] round, bid by 24 January 2008)

STRATEGY (1/2)

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ALPINE OIL & GAS
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� AHEAD OF COMPETITION THROUGH EXCLUSIVE DATA ACCESS

• Unique business opportunity in 2008 through 20,000 km2 Petrom

• relinquishment. (“Perestroika II under EU – regulation”).

• �Plan: Fully exploit competitive advantage through possible cooperation with Petrom

• �Approach Petrom for possible purchase or joint redevelopment of existing production licenses during or after data review

� PANNONIAN BASIN: CORE AREA

• �Large area of continuous exploration acreage with low-attention fields

• �No source rock and hydrocarbon migration risk

• �Very little new Petrom seismic acquisition over fields. Sparse seismic coverage.

• �Seismic acquisition easier and cheaper than in Petrom core area.

• �ALPINE OIL&GAS exploration & production experience in Pannonian basin.

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ALPINE OIL & GAS

STRATEGY (1/2)

� PANNONIAN BASIN: CORE AREA

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ALPINE OIL & GAS

STRATEGY (2/2)

� TECHNICAL FOCUS ON STRATIGRAPHIC TRAPS & UPSIDE

�ALPINE OIL & GAS technical expertise

• �Stratigraphic potential on flanks of existing fields

• �ALPINE OIL&GAS technical expertise and modern seismic will make the difference!

� TECHNICAL FOCUS ON BROWNFIELD EXPLORATION

• �Better Production well locations with better seismic data & geological models

• �By passed multiple zone gas pay which was uneconomic during Communist time

• �Zones without natural flow were not produced � Re-entry, stimulation

• �Modern Logging: 99% only Russian style SP & Resistivity (often faulty).

• �Formation damage mitigation: Horizontal wells, fracture stimulation, completion

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EXAMPLES

ALPINE OIL & GAS

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Algyo Production:
220 mmbls oil
2.5 Tcf gas
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ALPINE OIL & GAS

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ALPINE OIL & GAS

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VIENNA
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ALPINE OIL & GAS

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TUNISIA

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Vienna
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ALPINE OIL & GAS

FIELDS & INFRASTRUCTURE

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ALPINE OIL & GAS

ASHTART

Ashtart Discovery: 1971 Concession: ETAP/OMV (50/50) Location: Gulf of Gabes, 80km SE Sfax ALGERIA Water Depth: 66 meters Operator: SEREPT Ashtart 1[st] Oil production: 1974 Tunisia OOIP: 930 MMBBL Remaining reserves: 40 MMBBL LIBYA Produktion

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ALPINE OIL & GAS

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9°00' 11°00' 13°00'
SICILE
Bizerte
Zembra
37°00' 37°00'
Annaba Tabarka TUNIS PANTELLERIA TURONIAN FACIES
Nabeul
DISTRIBUTION IN
Gulf Of Hammamet
36°00'
Sousse LINOSA
Kuriat Island
TUNISIA
Ashtart
Concession
35°00' Deep marine
Sfax JHA 1 MKR 5MAL 1 facies
MKR 1
ASH.85 MKR 4 MKR 3
Kneïss Island ASH.E.1 MLQ 101 MKR 2 Carbonate platform:
Gulf Of Gabes
Tozeur Gabes JERBA Island � Bioclastic, oolitic facies
Medenine � Reef facies
33°00' 33°00'
LIBYA
Restricted shallow
marine facies
ALGERIA
Eroded zone
31°00'
Not included
0 25 50 75 100Km in study
8°00' 9°00' 10°00' 11°00'
M E D
Island
KERKENNAH
I T E
R R A
N E A N -
S E A
V V
V V V
V V V VV V
V V V V V V V
V
V VV V V V V VV V
VVVVVVVV VVVV VVVVVVV VVV VVVVVVVV VVVVVVVVVV VVVVVVV V VV VVV VVV VV VVV V V VV VV VV VV V V V V
V VV V V V V V VV V V V V V V
V V V V V V V V V V V V
V V V
V V V
V V
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ALPINE OIL & GAS

Tunisian field size distribution

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El Borma (1962)
-2 Ashtart (1971) 563.73 P1
P2
Miskar (1974)
Lognormal regression P5
Hasdrubal (1975)
Input data samples 84.65 P10
Sidi El Kilani (1989)
P20
29 24.92
P30
P40
8 P50
P60
P70
P80
0.81 P90
P95
P98
Swanson's Mean
0.1 2 P99
0.1 1.0 10.0 100.0 1,000.0
PROVEN HC Reserves (MMBOE)
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PROVEN GAS RESERVES
ALPINE OIL & GAS
Obvious convex shape defining the
Commercial Truncation
„MCFS“ of 8 BCF(1.44 MMBOE) at P80
-2 P1
P2
Lognormal regression
P5
Input data samples
230.36 P10
114.7 P20
29 27.81
P30
82.77
P40
31 P50
P60
P70
P80
4.20 P90
P95
Swanson's Mean P98
0.82 P99
0.1 1.0 10.0 100.0 1,000.0
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PROVEN GAS RESERVES (BCF)
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ALPINE OIL & GAS

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ALPINE OIL & GAS

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